A little relief
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Thread: A little relief

  1. #1
    Registered User daddys3chicks's Avatar
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    Default A little relief

    I received a personal loan offer a week or so ago. Interest rate was 4.9% and it was a fixed monthly payment - 60 month loan. We got approved and the check came today. We are paying off and CLOSING some higher interest accounts. This will give us a lower payment each month and get some of that debt off our back. Plus - even though it is 5 years, we know when it will end!

    yay!

  2. #2
    Master Dollar Stretcher aka DixieBob Dixie's Avatar
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    I'm so happy for you.

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    Registered User Katybird's Avatar
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    Good for you Cheryl.

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    Registered User PrairieRose's Avatar
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    Any relief is good, right Cheryl?

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    Registered User Mom23boys's Avatar
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    Whatever it takes to feel some debt relief.

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    Good going, Daddys3chicks...it's good to reduce your interest payments!

    Just one word of caution from a guy who worked in the banking biz for two decades...

    These low rate personal loans can be a trap...there will be a very attractive rate, but if there's one late/missed payment there is a stiff penalty fee and the rate defaults to a much higher rate. Read ALL the fine print...ALL...on your paperwork to understand what you've got. And if you don't understand it, be aggressive in asking for explanation until your comfortable.

    This isn't to say that you shouldn't take advantage of this kind of a deal: it can be a very good thing, but just be sure that the good deal doesn't evaporate if you overlook getting the bills paid some month.

    Good luck, and best wishes on the debt elimination!

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    Registered User dolphin's Avatar
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    Great! I'm glad you're getting some relief.

    Thanks lcgaston! It's always good to get things checked out, just in case.
    "Success on any major scale requires you to accept responsibity."



    The Resident Queen Of Clutter!!!

  8. #8
    Heather Bob
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    So happy for you Cheryl...

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